Featured Company News - TTM Technologies Announces Completion of Debt Refinancing; Closes Private Placement
Research Desk Line-up: Jabil Post Earnings Coverage
LONDON, UK / ACCESSWIRE / October 3, 2017 / Pro-Trader Daily looks at the latest corporate events and news making the headlines for TTM Technologies, Inc. (NASDAQ: TTMI), following which we have published a free report that can be viewed by signing up at http://protraderdaily.com/optin/?symbol=TTMI. The Company announced on September 28, 2017, the completion of its previously announced debt refinancing, which also included the closing of its previous private placement of $375 million in aggregate principal amount of its 5.625% senior notes due 2025, and the syndication of a senior secured term loan worth $350 million that is set to mature in September 2024. For immediate access to our complimentary reports, including today's coverage, register for free now at:
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Discover more of our free reports coverage from other companies within the Printed Circuit Boards industry. Pro-TD has currently selected Jabil Inc. (NYSE: JBL) for due-diligence and potential coverage as the Company reported on September 27, 2017, its financial results for Q4 FY17 and full FY17 which ended on August 31, 2017. Tune in to our site to register for a free membership, and be among the early birds that get our report on Jabil when we publish it.
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TTM Technologies is a leading printed circuit board manufacturer, specializing in the production of PCBs, backplane assemblies, and electro-mechanical solutions.
The Announcement
TTM Technologies stated that it used the proceeds of the offering and the borrowings from its New Term Loan Facility to refinance the full amount of indebtedness outstanding under the Company's previous term loan facility. The proceeds would also be used to repay a portion of the amounts outstanding under TTM Technologies' senior secured revolving credit facility and to also pay related fees and expenses.
Prior to the statement, TTM Technologies announced on September 15, 2017, that it priced $375 million in aggregate principal amount of its 5.625% senior notes due 2025, where the sale of the Notes was expected to close on September 28, 2017, subject to customary closing conditions.
The Company announced that under the New Term Loan Facility, it successfully priced $350 million of new US dollar-denominated Term B Loans at an interest rate of LIBOR + 2.50%, which was 175 b.p. below that its previous Term B Loans issued in September 2016. The capital structure developed because of the Offering and the Loan Facility is expected to generate annual cash interest savings of about $3.5 million. For Q3 2017, the Company will record non-cash expense of $0.8 million to write off debt issuance costs linked with the Term B Loans issued in September 2016.
Company Growth Prospects
On August 02, 2017, TTM Technologies reported its Q2 FY17 results for the three-month period ended July 02, 2017. The Company reported net sales were $627.2 million versus $601.8 million in Q2 FY16 and $625.2 million in Q1 FY17. TTM Technologies observed net income attributable to stockholders was $20.6 million in the quarter or about $0.18 per diluted share. The Company stated that it delivered the third consecutive quarter of YOY organic growth of 4% and its operating performance was in-line with its expectations.
For the Q3 FY17, TTM Technologies estimated that revenue would be in the range of $625 million to $675 million, while the non-GAAP net income attributable to stockholders would be in the range of $0.29 to $0.35 per diluted share. TTM Technologies attributed the decline in revenue to the slower start in the normal seasonal ramp of cellular products, where it expects the growth to accelerate in future quarters.
Last Close Stock Review
On Monday, October 02, 2017, the stock closed the trading session at $15.41, slightly up 0.26% from its previous closing price of $15.37. A total volume of 961.94 thousand shares have exchanged hands. TTM Technologies' stock price soared 8.22% in the last one month and 34.59% in the previous twelve months. Furthermore, since the start of the year, shares of the Company have surged 13.06%. The stock is trading at a PE ratio of 24.15 and currently has a market cap of $1.56 billion.
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